Australia’s newly elected leaders, claiming a mandate to dump the old government’s climate policies, would actually protect programs the defeated Labor party was using to prepare for emissions trading.

Australia, the world’s second- biggest coal exporter, has picked more than a dozen industry representatives and academics to help set baselines, credits and possible penalties designed to reduce emissions.

The European Union said the U.S. must do more to reduce greenhouse gas emissions than the proposal President Barack Obama’s government released today if it’s to keep talks on limiting global warming on track.